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Almost 90 “wealthy” individuals – many of them with their immediate family - have been given permission to live in Jersey in the past five and a half years.
A Bailiwick Express freedom of information request has revealed there’s been a steady increase in the number of what is officially called 'high net worth individuals' wanting to move to the Island.
It also shows more wealthy residents are being granted permission.
To qualify as a high net worth individual you have to pay at least £125,000 a year in tax, and be vetted by a States department - Locate Jersey.
Its due diligence process includes an investigation into the individual’s personal, business and financial background.
In awarding – or declining – an application “consideration is also given to any risk or reputational issues that giving the individual permission to live in the Island might give Jersey.” In other words, the person isn’t allowed to move to the Island if it’s thought their presence might bring Jersey bad press.
In 2010 eight individuals applied to move to the Island and seven were given permission. The following year there were nine applications all of which were approved. 2012 and 2013 both saw 14 enquiries, only two of which were declined. Whilst both 2014 and 2015 saw 20 requests – more than double that had applied in 2010. All were approved.
It seems to be a similar trend this year. So far there have been eight applications, seven of which have been approved, and one of which is currently on going.
In summary there have been 93 applications over the past five and a half years, 89 of which have been approved, three of which have been declined, and one of which is still awaiting an outcome.
The wealthiest of the “high net worth individuals” is believed to be Simon Nixon. He moved to the Island in 2013. According to the Sunday Times, last year he had a personal fortune of £945m. The 48-year-old was the co-founder of the price comparison website moneysupermarket.com.
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